# Cluster-Robust Standard Errors (Country Bootstrap)

| Variable | Coef | PanelGLS SE | PanelGLS p | Boot SE | Boot p | Sig |
|---|---|---|---|---|---|---|
| Z_1 | -1.2411 | 0.3730 | 0.0009 | 0.5022 | 0.0135 | ** |
| Z_2 | 0.1619 | 0.0539 | 0.0027 | 0.0727 | 0.0259 | ** |
| Z_3 | -0.0060 | 0.0021 | 0.0052 | 0.0029 | 0.0373 | ** |
| rgdp_growth | -0.0004 | 0.0003 | 0.1238 | 0.0003 | 0.2490 |  |
| fiscal_bal_gdp | 0.0006 | 0.0005 | 0.2183 | 0.0006 | 0.3079 |  |
| kaopen | -0.0041 | 0.0044 | 0.3592 | 0.0072 | 0.5721 |  |
| nfa_gdp_lag | 0.0348 | 0.0072 | 0.0000 | 0.0124 | 0.0050 | *** |
| log_gdp_pc | 0.0452 | 0.0150 | 0.0025 | 0.0179 | 0.0118 | ** |

*500 bootstrap iterations, resampling 99 countries with replacement.*